Google to purchase Bit.ly

Google this week announced it’s very own URL shortening service. The service is pretty good in itself and is a strong competitor to the world’s most popular shortening service bit.ly. “.ly” in bit.ly stands for Libya and google URL shortening service ends with .”.gl”!
Google has yet again brougt in those keywords which it believes separates its product over the rest.
These are:-

Stability – ensuring that the service has very good uptime
Security – protecting users from malware and phishing pages
Speed – fast resolution of short URLs
.

Bit.ly is the only strong competitor to this new service by Google.As we have seen lately Google is buying a lot of companies to improve its technology. In recent months it got Gizmo5, reCAPTCHA,TiVO and now maybe bit.ly..
It is rumored that the deal will take place for 20-45 million dollars.